The AML Risk Assessment Matrix serves as a fundamental compliance tool for organizations operating under Maltese jurisdiction, designed to meet the requirements set forth by the Financial Intelligence Analysis Unit (FIAU) and aligned with EU AML directives. This document becomes necessary when entities need to systematically evaluate their exposure to money laundering and terrorist financing risks, typically during initial business setup, periodic reviews, or when significant changes occur in operations or regulatory requirements. The matrix incorporates comprehensive risk factors analysis, scoring methodologies, and mitigation strategies, enabling organizations to demonstrate their compliance with Maltese and EU AML regulations while effectively managing their risk exposure.
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1. Introduction and Purpose: Overview of the risk assessment matrix purpose, regulatory context, and how to use the document
2. Risk Assessment Methodology: Explanation of the scoring system, risk categories, and how overall risk ratings are calculated
3. Customer Risk Factors: Assessment criteria for customer-related risks including customer types, business nature, and ownership structures
4. Geographic Risk Factors: Evaluation of countries and regions associated with customers, transactions, and operations
5. Product/Service Risk Factors: Analysis of risks associated with different products, services, and delivery channels
6. Transaction Risk Factors: Assessment of transaction patterns, volumes, and complexity
7. Interface Risk Factors: Evaluation of delivery channels and interface methods with customers
8. Risk Mitigation Measures: Required controls and measures to address identified risks
9. Review and Update Procedures: Process for periodic review and updating of the risk assessment
1. Industry-Specific Risk Factors: Additional risk factors specific to certain industries (e.g., gaming, crypto assets, financial services) - include when the entity operates in these sectors
2. Enhanced Due Diligence Triggers: Specific scenarios requiring enhanced due diligence - include for high-risk businesses
3. Group Risk Assessment: Assessment of risks at group level - include for entities with subsidiaries or branches
4. Sanctions Risk Assessment: Detailed sanctions risk evaluation - include for international operations or high-risk jurisdictions
1. Risk Scoring Matrix: Detailed scoring templates and weightings for each risk factor
2. Country Risk Classification: List of countries and their risk classifications based on various factors
3. Customer Risk Assessment Form: Template for individual customer risk assessments
4. Risk Factor Indicators: Detailed list of red flags and risk indicators for each category
5. Control Assessment Template: Template for evaluating effectiveness of risk mitigation measures
6. Periodic Review Checklist: Checklist for conducting regular reviews of the risk assessment
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Investment Services
Gaming and Casino Operations
Cryptocurrency and Virtual Financial Assets
Real Estate
Corporate Service Providers
Trust Service Providers
Professional Services (Legal, Accounting)
Payment Service Providers
Credit Institutions
Financial Technology (FinTech)
E-money Institutions
Relevant Teams
Compliance
Risk Management
Internal Audit
Legal
Operations
Customer Due Diligence
Know Your Customer
Transaction Monitoring
Senior Management
Board of Directors
Financial Crime Prevention
Regulatory Reporting
Relevant Roles
Money Laundering Reporting Officer (MLRO)
Deputy MLRO
Compliance Officer
Risk Manager
Chief Risk Officer
Chief Compliance Officer
Internal Auditor
Compliance Manager
AML Analyst
KYC Officer
Due Diligence Officer
Regulatory Compliance Specialist
Board Member
Chief Executive Officer
Operations Director
Financial Controller
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